Massive Selling Pressure Hits ERC-404 Sector
The entire ERC-404 sector of crypto tokens has experienced a significant drop, with a 25% decrease in the last 24 hours. This has resulted in a total loss of $60 million in market cap for the sector, according to data on CoinGecko.
PANDORA Token Leads Market Fall
Major tokens like PANDORA, DEFROG, and RUG have witnessed substantial declines. PANDORA, in particular, saw a drop of over 24% following a week of rapid growth. The coin had surged by almost 800% in the past seven days, reaching $16,198.
The Unique Features of ERC-404 Tokens
The ERC-404 token standard stands out from conventional protocols by offering a blend of fungible and non-fungible attributes. This unique characteristic allows for versatile adaptation to different asset types and utility scenarios, fostering seamless interoperability among tokens.
One advantage of the ERC-404 standard is its ability to enhance liquidity for non-fungible tokens (NFTs). Through fractionalization, NFTs can be subdivided into fractions, increasing their liquidity and utility. They can then be traded on decentralized exchanges like Uniswap or used as collateral for cryptocurrency loans.
Pandora’s Success and Support
Pandora was the first token to launch under the ERC-404 standard and received support from various platforms such as OKX, Blur, OpenSea marketplaces, Bitget Wallet, Teller, Wasabi Protocol lending protocols, and LBank exchange.
Impressive Profits from Trading $MINER Token
A trader demonstrated impressive trading skills by turning 1 Ethereum into a $59,000 profit within 11 hours. The trader leveraged high gas fees and strategically bought and sold ERC-404 token $MINER. They acquired 1073 units of $MINER using 0.802 Ethereum and sold 722 tokens for a profit of 19.11 Ethereum.
The trader currently holds 350 $MINER tokens valued at $15,000, resulting in a total profit of approximately $59,000 from this trade endeavor.
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